Baku, Azerbaijan, Apr.23
By Fatih Karimov - Trend:
Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) has invited South Korean companies to invest in mining projects in Iran.
The invitation to South Korean companies was extended for investing in Sangan iron ore production and pelletizing projects, Iran's IRNA news agency reported on April 23.
In a meeting with the head of the International Contractors Association of Korea (ICAK) in Tehran, IMIDRO director Mehdi Karbasian said that according to the Iranian law, if foreign companies develop a mine in Iran, the will be given the right to operate the mine for 25 years.
So far, 20 European companies have announced readiness to invest in Iran's mining projects, he said.
On January 18, Karbasian said renowned European mining companies have returned to Iran, adding that Iran's mining sector provides unlimited opportunities for foreign investors.
In addition to giant European mining companies, a number of companies from China, India, and Australia have come back to Iran's market, Karbasian said.
In December 2013, Abolfazl Poudehi, an Iranian economy ministry official said the mining sector of Iran requires $400 billion to meet objectives of the Fifth Five-Year National Development Plan (2010-2015).
Iran is among the 15 major mineral-rich countries of the world and exports its industrial and mineral products to 159 countries, including Iraq, China, the United Arab Emirates, India, and Afghanistan.
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